The market today
Where US stocks stand today against their own history. We do not say where they go next.
Close of Friday 6 November 2026 · updated every trading day
MonkStreet Fear & Greed IndexWe build the index from four parts: the breadth of gains (equal weight against value weight), what stocks pay against bonds, the share of stocks above their 200-day average, and cash on the sidelines. We place each part against its own record since 2006. Then we take the average of the four. The mood shows how investors act. It does not show what companies are worth. Independent MonkStreet calculation. Not affiliated with CNN.
Down from 70 a month ago and 47 a year ago.
The four parts of the index
Today in brief · Close of Wednesday 4 November 2026AI-writtenAI writes this text from the figures on this page. We check every number against those figures before we show the text. It gives facts only. It is not advice.
The MonkStreet Fear & Greed Index stands at 74, in the Greed zone. Valuation measures are High: CAPE is 37.8 times and the Buffett Indicator is 242%. The top 10 companies hold 38.9% of total value, yet the equal-weight average beat the cap-weight index over 1 year. Stocks against bonds sits at -1.1 percentage points, and cash on the sidelines is Low at 6.8%. This month, Consumer Cyclical and Financial Services gained most, while Energy and Technology fell.
Key figures
Valuation
Prices are higher than usual against profits and the economy
Shiller CAPE · since 2006What this measures: how much investors pay for each dollar of profit. The profit is the average of 10 years, adjusted for inflation.
How high are stock prices against profits?
Higher than usual
High · higher than in 8 of 10 months since 2006
Read more: CAPE ratioShow details
- Why it is high now
- CAPE is 37.8 times, a High level. CAPE compares price with average earnings over 10 years. Over 1 year, earnings rose 17.7% while value rose 11.5%, which pulled the ratio down.
- What changed
- CAPE fell from 38.6 a month ago and from 39.8 a year ago.
- What it means
- Smoothing earnings over 10 years reduces the effect of one good or bad year. CAPE says little about short-term moves. Its median since 2006 is 26. One indicator alone does not time the market.
Buffett Indicator · since 2006What this measures: the value of all US-listed company shares divided by the size of the US economy (GDP).
How big is the stock market next to the economy?
Far larger than usual
High · higher than in 9 of 10 months since 2006
Read more: Buffett IndicatorShow details
- Why it is high now
- The Buffett Indicator is 242%, a High level. It compares total stock market value with the size of the economy, called GDP. Market value is $80.0 trillion against GDP of $33.0 trillion. Value grew 13.2% over 1 year, faster than GDP at 5.9%.
- What changed
- It rose from 240% a month ago and from 227% a year ago.
- What it means
- This ratio links stock prices to the whole economy. It leaves out foreign sales of US companies and interest rates. Its median since 2006 is 124%. One indicator alone does not time the market.
Concentration
Ten companies hold a larger share of the 500 than usual
Top-10 share · since 2006What this measures: the share of the total value of the 500 largest US companies that the 10 biggest hold.
How much of the market do the 10 largest companies hold?
Far more than usual
High · higher than in 9 of 10 months since 2006
Read more: Top-10 concentrationShow details
- Why it is high now
- The 10 largest companies hold 38.9% of the total value of the 500, a High level. Out of every $100, about $39 sits in these 10. Apple has the biggest share at 7.1%, followed by NVIDIA and Microsoft.
- What changed
- Concentration rose from 38.6% a month ago, but it is down 1.5 points from 40.4% a year ago.
- What it means
- High concentration means a few companies move the index a lot. It shows how value is split, not how companies are valued. The median since 2006 is 22.3%. One measure alone does not time the market.
Share of the 500 largest
The top-10 race
The three largest
- 01Apple Inc.AAPL7.2%
- 02NVIDIA CorporationNVDA6.5%
- 03Microsoft CorporationMSFT5.7%
Participation
The typical stock has kept ahead of the largest companies
Equal vs value weight · since 2006What this measures: the 1-year return of the average company among the 500 largest, minus the return of the 500 weighted by value.
How well does the typical stock keep up with the largest?
Better than usual
High · higher than in 8 of 10 months since 2006
Read more: Equal weight vs cap weightShow details
- Why it is high now
- The gap is 3.3 percentage points, a High level. The average company gained 14.8% over 1 year, against 11.6% for the cap-weighted index. Falls at large companies like Alphabet, Broadcom and Oracle held back the cap-weighted index. Big gains at small companies like Sandisk lifted the equal-weight average.
- What changed
- The gap eased from 3.5 a month ago, and it rose by 11.3 points from -8 a year ago.
- What it means
- A cap-weighted index gives big companies more weight. An equal-weight average counts each company the same. A positive gap means gains spread beyond the largest names. One indicator alone does not time the market.
Equal weight minus value weight · 10 yearsHow to read it: Below zero, the largest companies rose faster than the typical one. Above zero, the typical one rose faster.
The 1-year gap, month by month
Stocks vs bonds
Bonds now pay more than stocks earn
Earnings yield minus 10-yr Treasury · since 2006What this measures: what companies earn per $100 of share price, minus what a 10-year US government bond pays.
How much more do stocks earn than bonds pay?
Far less than usual
Low · lower than in 9 of 10 months since 2006
Read more: Stocks vs bondsShow details
- Why it is low now
- The gap is -1.1 percentage points, a Low level. The earnings yield, or earnings over price, is 3.88%. The 10-year Treasury yield is 4.95%. Bonds yield more than stock earnings right now.
- What changed
- The gap held at -1.1 over the month and fell from -0.7 a year ago, as the Treasury yield rose more.
- What it means
- This compares what stocks earn with what safe bonds pay. It ignores earnings growth, which bonds do not have. Its median since 2006 is 2. One indicator alone does not time the market.
Profits per share against a 10-year bond
Stocks' edge over bonds since 2006, in points
Cash on the sidelines · since 1974What this measures: money-market fund assets divided by the value of all US company shares.
How much cash is waiting on the sidelines?
Less than usual
lower than in 8 of 10 months since 2006
Read more: Cash on the sidelinesShow details
Cash ÷ stock market · since 1974
Market map
500 companies on one map
The 500 largest US companies as tiles sized by market value and grouped by sectorEach tile is a company. A bigger tile is a bigger company. Green rose over the past year, red fell, dark grey moved little. Stripes: no figure.
145 years of the CAPE
Today against 145 years of history
CAPE, monthlyBefore 2006: Robert Shiller's data. From 2006: MonkStreet's own calculation over the 500 largest US companies. The gauges above use only the data since 2006.
Explore
The 11 sectors
Each card shows the sector's return over 1 year against the 500 largest US companies. It also shows prices against profits, compared with the sector's own history since 2006.
Basic Materials
1-year return––Prices against profits–
Communication Services
1-year return––Prices against profits–
Consumer Cyclical
1-year return––Prices against profits–
Consumer Defensive
1-year return––Prices against profits–
Energy
1-year return––Prices against profits–
Financial Services
1-year return––Prices against profits–
Healthcare
1-year return––Prices against profits–
Industrials
1-year return––Prices against profits–
Real Estate
1-year return––Prices against profits–
Technology
1-year return––Prices against profits–
Utilities
1-year return––Prices against profits–
Figures at the close of Friday 6 November 2026. Returns include dividends. Not investment advice.